The list of foreign insurers supplemented
List of foreign insurance, reinsurance and brokerage companies was supplemented by several players in this segment.
According to the official website of the State Insurance Supervision Service, the number of insurance companies with foreign capital was replenished by four organizations: "NART Insurance and Reinsurance Brokerage Inc" (Turkey), "Alwen Hough Johnson Limited" (UK), OOO "SB Top Taym" (Russia) and "Pioneer Insurance and Reinsurance Brokers Pvt" (India) at the level of 93 units.
Total number of reinsurance companies, included the register remained at the level of 39 units.
The number of foreign players in the local brokerage segment increased to 65 due to the brokerage company "IUC Sigorta ve Reasurans Brokerligi AS" (Turkey.) Foreign individuals wishing to be brokers in Azerbaijan have not been registered yet.
According to the law "On insurance activity", the register of foreign insurance, reinsurance and brokerage firms should be included the structures with high rating, through which Azerbaijani insurers are advisable to carry out insurance and reinsurance operations.
According to the same law, the registry must be updated promptly, so that the company could start on time to participate in the financial market of Azerbaijan.
Registry of the State Insurance Supervision Service was established under the law "On insurance activity". - 17D-
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- Economics
- 22 July 2014 13:20
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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